Foundation remains solid
as gifts roll in

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Foundation remains solid

as gifts roll in 102205 news14Athens Banner-HeraldEven though it's not the University of Georgia's official fundraising organization any more, the University of Georgia Foundation still is getting millions of dollars in donations and putting millions more into UGA academic programs.--> Foundation remains solid

as gifts roll in But a fundraiser no more By Lee Shearer | lee.shearer@onlineathens.com | Story updated at 11:06 PM on Saturday, October 22, 2005 Even though it's not the University of Georgia's official fundraising organization any more, the University of Georgia Foundation still is getting millions of dollars in donations and putting millions more into UGA academic programs.

And since it's not UGA's official "cooperative organization," the foundation has handed off some of its expenses, including a salary supplement of more than $300,000 for UGA President Michael Adams.

That expense now will pass to the new Arch Foundation under policies adopted a year ago by the University System Board of Regents, said regents spokeswoman Arlethia Perry-Johnson. The Arch Foundation was created this year to replace the UGA Foundation as the official recipient and manager of money given to help UGA.

Adams's state contract is worth nearly $546,000 this year, Perry-Johnson said. The total includes $228,299 in state pay and a $15,000 "subsistence allowance" paid by the state. On top of that, Adams gets additional sums, including a $118,867 salary supplement, $40,000 in "executive compensation" and deferred compensation of $150,000.

Under a policy adopted in August 2004, college-related foundations such as the UGA and Arch foundations no longer will pay those extra sums directly to Adams, however.

The state pays it, and though it's not an official policy, the regents expect the foundations to repay the state university system a dollar amount equivalent to the extra pay, according to minutes of regents meetings.

The UGA Foundation also is no longer paying a number of expenses related to fundraising, including expense accounts for Adams and some UGA vice presidents.

Meanwhile, some donors still are choosing the UGA Foundation for their gifts to help the university. The foundation took in more than $4 million in new gifts and pledges in the first quarter of the 2004-05 fiscal year, UGA Foundation trustees learned Friday when the group met at the Georgia Center for Continuing Education.

The UGA Foundation will channel about $32 million into UGA programs this year, foundation Chairman Read Morton told the group, meeting for the first time since the regents officially revoked the foundation's standing as a "cooperative organization." Much of that $32 million is proceeds from an endowment, built up over seven decades, that now exceeds $400 million.

As a result of the regents move, the UGA Foundation can no longer actively solicit funds on behalf of UGA. It still can accept donations, however.

People still can choose to give to UGA through the UGA Foundation, among other options, Morton said. But the foundation can't ask for donations.

"We've got to be careful not to cross the line," he said.

The UGA Foundation is even paying for part of the university's fundraising programs this year, even though UGA fundraisers are now working on behalf of the Arch Foundation.

The UGA Foundation appropriated about $425,000 to help run UGA's External Affairs office, said Wyck Knox, the chairman of the foundation's finance committee.

Meanwhile, fundraising is getting off to a good start for the fledgling Arch Foundation. That group got nearly $5 million in gifts and pledges in its first three months, Arch Foundation trustees learned earlier this month.

In addition, the UGA Foundation's investments are growing at an above-average rate, said Joe Frierson of Athens, who is chairman of the foundation's investment committee. Investments grew by nearly 11 percent last year, Frierson said.

In 2004, the UGA Foundation's investment performance ranked 47th among more than 700 colleges and universities, he said.

The foundation now has total assets of about $552 million, including an endowment of more than $400 million. The $552 million does not count $215 million in buildings owned by the UGA Real Estate Foundation and used by UGA. The Real Estate Foundation owes about $209 million on the buildings, most of them constructed in the past few years.

Foundation figures

Although the University of Georgia Foundation is no longer the official UGA fundraising foundation, it's still getting millions of dollars in donations and managing hundreds of millions for scholarships, endowed professorships and other UGA programs. Here are some of the numbers UGA Foundation trustees heard at a Friday meeting.